Equities rebounded well in November. This was driven mainly by the elections in the US. Adding to the “risk-on” mood in November, the US Federal Reserve cut its benchmark interest rate by another 25 bps to 4.75% for the upper bound. Globally, stock prices gained 3.6% during the month, led by a 5.7%-increase in the US. European share prices rose 1.0%. Emerging markets stocks lost 3.7%, mostly due to the appreciation of the US dollar. The greenback was supported by the election of Mr. Donald Trump (to become the 47th president on 20th January 2025) and gained 1.7% on average vs. major currencies.